Original disclosure @ IFC website
Updated in EWS May 28, 2022
Disclosed by Bank May 25, 2022
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Tembici is the largest operator for docked bikes across Latin America countries. The bikes overall offer transport for local residents, commuters and food delivery service providers. Docked-bikes have specific storage locations across cities. It currently operates more than 16,000 bikes (out of which 1,000 of them are electric bikes) across 13 cities in Brazil, Argentina, and Chile. The bikes are assembled in the facility located in Extrema, Minas Gerais, Brazil. From there, they are distributed to each sharing location. Additional facilities include the head quarter located in Sao Paulo, offices in Salvador, Recife, Porto Alegre, Vila Velha, Brasilia; pickup points shared with a food delivery company, located in Recife, Sao Paulo, Salvador, Porto Alegre, and Rio de Janeiro (Brazil operations), two facilities in Buenos Aires (Argentina operations), and one facility in Santiago (Chile operations).Tembici was created through the merger of two companies in Brazil in 2018: Bike Sampa and Compartbike.Tembici is an existing client through a co-investment (#43918), and through Valor Opportunity Fund (#43308). E&S performances of those projects are generally satisfactory.The project consists of a US$5 million equity investment to Tembici to support its operations in Brazil.
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